EARNINGS PER COMMON SHARE

12 Months Ended

Dec. 31, 2025

The following table sets forth the computation of basic and diluted earnings per share:


	Years Ended December 31,
	2025				2024				2023
(In Thousands Except Share and Per Share Data)	Basic		Diluted		Basic		Diluted		Basic		Diluted
Net income (loss)	$	118,191	$	118,191	$	61,957	$	61,957	$	(29,700)	$	(29,700)
Weighted-average common shares outstanding	25,470,451		25,470,451		25,319,973		25,319,973		25,249,269		25,249,269
Add dilutive effect of restricted stock awards	—		882,462		—		597,787		—		—
Add dilutive effect of stock options	—		—		—		—		—		—
Weighted-average common shares	25,470,451		26,352,913		25,319,973		25,917,760		25,249,269		25,249,269
Earnings (loss) per common share	$	4.64	$	4.48	$	2.45	$	2.39	$	(1.18)	$	(1.18)
Awards excluded from diluted calculation(1)	—		38,502		—		222,186		—		791,735

(1)Outstanding awards that are not "in-the-money" are excluded from the diluted earnings per share calculation because the effect of including them would have inherently been anti-dilutive.

Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per share gives effect to all dilutive common shares outstanding during the reporting period. The dilutive shares we consider in our diluted earnings per share calculation relate to our outstanding stock options, restricted stock awards, restricted stock unit awards, and performance stock unit awards.

We determine the dilutive effect of our outstanding stock options using the "treasury stock" method. Under this method, we assume the exercise of all of the outstanding stock options whose exercise price is less than the weighted-average market value of our common stock during the reporting period. This method also assumes that the proceeds from the hypothetical stock option exercises are used to repurchase shares of our common stock at the

weighted-average market value of the stock during the reporting period. The net of the assumed stock options exercised and assumed common shares repurchased represents the number of dilutive common shares, which we add to the denominator of the earnings per share calculation.

Under applicable accounting guidance, companies in a loss position are required to use basic weighted-average common shares outstanding in the calculation of diluted loss per share. Therefore, as a result of our net loss for the year ended December 31, 2023, we were required to use basic weighted-average common shares outstanding in the calculation of diluted loss per share, as the inclusion of 282,515 restricted shares would have been antidilutive to the calculation. If we had not incurred a net loss for the year ended December 31, 2023, diluted weighted-average common shares would have been 25,531,784.